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How do I pay off my mortgage loan without lowering mycredit score?

by meganb_699_330 from , . Apr 16th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

Paying off a mortgage will not lower your score.. in fact it will probably increase.. if your replacing your mortgage with another mortgage, then there should be no change.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 16th 2013
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Brian Kimball (briankimball_summitfunding)
#816 ranked lender in California - 13 contributions

This is really something you would need to talk to a credit specialist about. It depends on what you are wanting to accomplish. If all you are doing is taking cash out of a bank account and paying off your mortgage loan, it would likely not impact your credit in a negative way, but the scope of your credit comes into play, and it's impossible to give an accurate answer to that without knowing more about your current credit situation.I'm a direct lender in California. Feel free to call me if you have questions I can answer for you: 714.619.5609

Apr 16th 2013
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Chuck kreissler (ckreissler)
#82 ranked lender in Colorado - 1 contribution

Pulling a credit report and paying off your mortgage with a refi will typically not lower your score. If you do a cash out refi and pay off other debt it will actually raise your score

Apr 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Paying off your mortgage should actually help your scores since you will be paying off your biggest debt.

Apr 16th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Do you mean refinancing.... or paying off the balance with a lump sum payment?

Apr 16th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Your score should not drop by paying off mortgage, should actually go up.

Apr 16th 2013
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Janine Bodway (jbodway)
#4 ranked lender in Montana - 42 contributions

My initial understanding of your question does not imply you are obtaining another mortgage in place of the lien being paid off. If that is correct, I would prefer to direct you to a credit counseling specialist that can work with you on the best solutions to meet your credit goals. A reputable company I have referred my own clients is www.ecreditadvisor.com. Or email Patrick Dixon at pdixon@ecreditadvisor.com. The evaluation is free and you can make the best decision for you.If you are however looking to refinance, by all means, feel free to contact me and we can discuss options. jbodway@acceptancecapital.com

Apr 16th 2013
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

Ditto on William's response. You should be all good with your score!

Apr 16th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Mortgage payoff should not hurt your credit score.

Apr 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

paying off your mortgage should not lower your credit score.

Apr 16th 2013
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